New Delhi: There will be no income tax for those with an annual income of up to Rs 12.75 lakh. The ruling party welcomed the Finance Minister’s announcement with applause.
Finance Minister Nirmala Sitharaman said in her budget speech that the new Income Tax Bill will be introduced in Parliament next week. It will transform India Post into the country’s largest logistics company.
The scheme will be implemented through 1.5 lakh post offices across the country. This will improve the local economy, the minister said.
The Pradhan Mantri Dhandhanya Krishi Yojana, in collaboration with the states, was also announced in the budget. The objectives are to increase crop diversity and agricultural production, ensure better storage systems, improve irrigation systems, and ensure financial availability.
